The only time I ever was able to monitor my recording track was when I used the line in on the pc . In the windows mixer which can be accessed from the options menu in the multitrack veiw of CEP . Usually the playback mixer opens , to get to the record controls select > options > properties > and click on the " Adjust volume for " > recording . Then check the little boxes for all the devises you need to have shown , ie " what you hear ' ,
analog/line in , microphone , and wav/mp3.
In " line in " click on the advanced box and make sure " record without monitoring " IS NOT checked .
Also in the advanced section of the mic control checking the 20 db boost may help if you are using the mic line in .
Also be sure you have a full duplex soundcard or it will only work in one direction at a time .
Are you able to hear your guitar thru you pc speakers if you play without recording in CEP ???